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Dancing with dictators & dictating to democracies

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(By Abdul Khaliq): As in most of the developing countries, IMF funding patterns to Pakistan has been subject of intense debate, over the last three decades. Proponents and opponents of IMF have produced evidence to support their respective point of views, particularly in broader perspective of international relations. However, little effort is made to explore the genesis of funding patterns linkage with political objectives of the IMF. In order to understand this crucial aspect of IMF packages we have to ... Read More »

Reckless borrowing from IMF-a perfect recipe of disaster

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(CADTM-Pakistan Report): In connection with Global Week of Action (12-18 Oct 09) against debts, Campaign for Abolition of Third World Debt (CADTM) Pakistan and Action Aid Pakistan jointly organized a seminar on the topic of “Rising Debt of Pakistan and Role of IFIs” in Lahore on 14 Oct 09 at local press club. Over 70 representatives of various civil society organizations and groups, activists, academics, students, lawyers and journalists attended the event. Among main speakers were; Jamil Umer-a renowned left ... Read More »

Pakistan under influences

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CADTM-International/ :On the basis of a series of texts by Abdul Khaliq, the spokesperson of CADTM-Pakistan and Bushra Khaliq, the Executive Director, Women in Struggle for Empowerment (WISE) we would like to present an overview of the situation in Pakistan for a better understanding of the political, economic and social condition of the country. The IMF impose its conditions amidst the economic crisis Almost a year ago in August 2008, Pakistan was at the brink of a default. The financial analysts ... Read More »

Pakistan must suspend debt repayments immediately

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CADTM-International Appeal/ Almost a year ago in August 2008, Pakistan was at the brink of a default. Its foreign exchange reserves were hitting the rock bottom of $4 billion, depleting rapidly in the range of $250 to $330 million weekly, which were hardly sufficient to sustain a month’s imports. Pakistan’s sovereign debt and liabilities had crossed the $45 billion mark, the Pakistani rupee had depreciated to 23 per cent and the gap between balance of trade was widening to an ... Read More »

Pakistan privatizing its agriculture lands

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By Abdul Khaliq/ Arab companies rush for corporate farming in Pakistan to lock up scarce water resources in agriculture belts as Federal Government offers one million acres of agriculture land to Arab monarchs, giving way to new corporate feudal system of it own kind. During the last couple of years the extra ordinary increase in prices of staple commodities (wheat, rice, corn, soybeans and barley) have apparently compelled many states of the world including oil-rich Arab monarchies and Middle Eastern countries ... Read More »

Pakistan is not out of the woods yet!

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By Abdul Khaliq/ Almost a year ago in August 2008, Pakistan was at the brink of default. Its foreign exchange reserves were hitting the bottom rock of $4 billion, depleting rapidly in the range of $250 to $330 million weekly, which were hardly sufficient to fulfill requirements of one month of imports. Pakistan’s sovereign debt and liabilities were the riskiest, which had crossed the $45 billion mark. Pak rupee had depreciated to 23 per cent. The gap between balance of ... Read More »

Peace rally against war hysteria in Pakistan

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CADTM-Pakistan Report/ (Dec 31, 2008) The busy Mall Road of Lahore (Pakistan) was all flooded with red flags on Wednesday (Dec 31, 2008) as hundreds of women, children and peace-loving citizens participated in a peace rally, jointly organized by Labor Party Pakistan, CADTM-Pakistan, WWHL, LEF and National Trade Union Federation. The purpose of the rally was to highlight the necessity of Peace in the backdrop of rising tension in the South Asian region, especially between Pakistan and India as well ... Read More »

Call for Debt Audit Commission in Pakistan

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By Abdul Khaliq/ LAHORE. Debt is no longer a private affair because it has a political dimension also, which concerns all nations and societies. The indebtedness of most countries of the South is becoming all the more unbearable because the repayments and interest payments demanded by creditors are beyond the means of poor countries and prevent all forms of development. These views were expressed by Speakers at a press conference organized by CADTM-Pakistan in connection with week of global action ... Read More »

Is Pakistan facing bankruptcy ?

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By Abdul Khaliq/ Pakistan’s sovereign debt is going to be the riskiest. For the week ending Aug 29 2008, Government of Pakistan bonds overtook Argentina’s to be the unsafe for investment, say London financial market indicators. In London, where Credit Default Swaps (CDS) are traded, the price for insuring $10 million worth of Argentina’s debt stood at $788,000 while the price to insure the Government of Pakistan-guaranteed debt skyrocketed to $950,000 — something that has never happened before — Pakistan’s ... Read More »

Debt challenges to South Asia

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By Abdul Khaliq/ Debt has become the most important problem for the countries of the developing world. The nations that are the poorest in the world are also the most highly indebted. There cannot be any doubt in the minds of economists, sociologists, political scientists or the general public that debt has become a burden for the poor nations rather than the much-advertised source of financial help to these countries. Therefore, nothing is more important than the debt question. Pakistan, ... Read More »